Coinbase is carrying out a one-time conversion of remaining balances in 14 stablecoins held by European Economic Area customers on Oct. 30, 2026, after the European Union’s Markets in Crypto-Assets Regulation, or MiCA, transitional period for stablecoin issuers ended on July 1 without an extension. The affected assets include USDT, PAX, PYUSD, GUSD, GYEN, DAI, BUST, UST, RAI, PAXG, MUSD, USD1, USDS and TGBP. Customers can withdraw them until the deadline; remaining balances will be exchanged at prevailing market rates, generally into USDC or, where USDC is unsuitable, another supported cryptoasset or fiat currency. USDC issuer Circle is MiCA-authorized, while Tether’s USDT remains unauthorized in the bloc. USDC’s share of euro-paired stablecoin trading rose from 10% in December 2023 to 56% in October, and its euro order books had 40% more depth than USDT’s. USDT nevertheless remained globally larger, with market capitalization of about $180.3 billion versus USDC’s $71.3 billion on Oct. 30. ESMA set Jan. 8, 2027 as the outside date for European platforms to unwind exposure to unauthorized stablecoins. Coinbase warns that the conversion may be taxable and that post-deadline deposits may not be credited or recoverable.